Delta warns of choppy coronavirus recovery, working to halve cash burn

) said on Wednesday it does not expect air travel to recover for two or three years and is working to halve its cash burn after posting its first quarterly loss in eight years due to the coronavirus pandemic.”We should be prepared for a choppy, sluggish recovery even after the virus is contained,” Chief Executive Ed Bastian said.

By the end of the quarter, passenger volumes had dropped by as much as 95 percent and Delta was burning $100 million per day. Net sales are expected to remain slightly negative through June, said Chief Financial Officer Paul Jacobson, who has suspended his retirement to help the airline through the crisis.

It received half of its $5.4 billion payroll aid on Monday; the remainder will arrive over April, May and June. Delta is reducing its flight schedule by about 85% through June, including an 80% cut for domestic flights and 90% for international flights, which experts expect will be the slowest to recover. More than 37,000 employees have volunteered for unpaid leaves lasting between one month to one year.

Halting 'cash burn' means more layoffs.

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Delta CFO rescinds retirement as coronavirus roils air travelDelta's CFO Paul Jacobson was supposed to retire this year but rescinded his plans as coronavirus hurts the business. Now that the Gov bailout them out with free $ it's CFO changed his retirement plans. While CEO 'Bastian wrote in a memo to employees. 'Paul & his team have been instrumental in executing our strategy 4 cost reduction' Does that means that your prices are going down? DeltaMoment
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Delta to reduce cash burn as it braces for sluggish recovery from pandemicDelta Air Lines Inc reported on Wednesday its first quarterly loss in eight years as the coronavirus crisis devastates air travel demand, but said its daily cash burn would slow through June as it braces for a recovery that could take two to three years.'We should be prepared for a choppy, sluggish recovery even after the virus is contained,' Chief Executive Ed Bastian said in an employee memo on Wednesday. Get That boost you need, Stay on top!! What airline posted a profit? Then I suggest you get back the money you gave to CEOs as bonuses!!!!!
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